Daily Chart Report ๐ Monday, September 25, 2023
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Todayโs Summary
Monday, September 25, 2023
Indices: Nasdaq 100 +0.46% | Russell 2000 +0.44% | S&P 500 +0.40% | Dow +0.13%
Sectors: 8 of the 11 sectors closed higher. Energy led, rising +1.25%. Consumer Staples lagged, falling -0.36%.
Commodities: Crude Oil futures fell -0.39% to $89.68 per barrel. Gold futures fell -0.46% to $1,937 per oz.
Currencies: The US Dollar Index rose +0.35% to its highest level since November at $105.95.
Crypto: Bitcoin inched higehr by +0.19% to $26,297. Ethereum rose +0.45% to $1,588.
Interest Rates: The US 10-year Treasury yield rose to a new multi-year high of 4.537%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Nautilus Research (@NautilusCap). Over the past three months, the S&P 500 has formed a potential Head & Shoulders top. The neckline of this bearish pattern coincides with the August 2022 highs, around 4,300. We could argue about the nuances and validity of this pattern, but most would agree this pattern should be bearish. The thing is, weโre all watching the same movie here. The S&P 500 is the most over-analyzed chart in the world, and many are seeing this bearish pattern. When patterns become too obvious, they tend to fail. And when patterns fail, you often get a sharp reaction in the opposite direction. In this case, that would mean a sharp reaction higher. Failed patterns can be more powerful than successful patterns. As Nautilus points out, it wouldnโt be the first time in recent history that we had a well-broadcast Head & Shoulders top resolve sharply higher.
Quote of the Day
โIf itโs obvious, itโs obviously wrong.โ
โ Joe Granville
Trendlines > Headlines
https://youtu.be/nqKLThqGwAU?si=0ims5fxKj4ujU7tw
This week, we sat down with one of the most respected sell-side technicians, John Kolovos, of Macro Risk Advisors. We discuss the outlook for Stocks, Bonds, Commodities, and more!
Top Links
US Dollar Index Closed Higher Ten Weeks in a Row. Whatโs Next? โ East Coast Charts
Louis Spector examines the outlook for the US Dollar Index after an impressive 10-week winning streak.
Seasonal Weakness Continues Butโฆ โ All Star Charts
JC Parets shares some key charts to watch in the weeks ahead.
S&P 500 Head and Shoulders Top Confirmed โ StockCharts.com
David Keller looks at the Head & Shoulders pattern in the S&P 500.
Amplify โ The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the key trends and themes across the markets.
Buy Yom Kippur? โ Bespoke
Bespoke highlights at a lesser-known seasonal pattern; Sell Rosh Hashanah, and Buy Yom Kippur.
Chart Summit is back and better than everโฆ
We have an amazing lineup planned for you this year, with some of the best technicians sharing their ideas and market insight.
Plus, Iโll be presenting on Wednesday afternoon โ and Iโd love for you to check it out.
Top Tweets
Youโre all caught up now. Thanks for reading!